16 January 2019 10:00 GMT
We are excited to announce that Hiscox Re and MS&AD Insurance Group (via their Silicon Valley based VC Firm, MS&AD Ventures Inc) have invested in AkinovA and are assisting in the development of our electronic marketplace for the transfer and trading of (re)insurance risk.
The addition of these two highly respected and influential global (re)insurers to the AkinovA ecosystem will further accelerate our progress ahead of the marketplace’s launch.
Building AkinovA’s electronic marketplace alongside active participants in the (re)insurance value chain (including risk cedents, brokers, (re)insurers, regulators, data, index and analytics providers, and capital market participants) is key to creating a thriving and scalable marketplace. Our collaborative approach enables us to build solutions to address key challenges that are constraining the growth of the insurance market. A key focus of the AkinovA platform will address the transfer and trading of Cyber risks. Without an electronic marketplace, the fast growing and evolving Cyber insurance market will face greater challenges in effectively servicing the $Tns worth of global cyber risk.
Adam Szakmary (Director of Underwriting Bermuda, Hiscox Re & ILS) noted that “In a rapidly expanding market, it’s crucial that we partner with organisations who are on the cutting edge of innovation. We were attracted to AkinovA’s ethos of proving a simpler and better approach to an electronic marketplace. They understand the importance of encouraging marketplace liquidity, and their strong focus on cyber risk transfer and trading was particularly appealing to us. At Hiscox, we pride ourselves on being collaborative while challenging the status quo.”
Adam further commented “AkinovA’s pioneering approach to enhancing electronic trading and optimising the risk transfer chain takes full advantage of the benefits technology and data can provide the (re)insurance industry. They have successfully created and established a framework which allows the industry to invest and foster the development of a digitally native marketplace, whilst preserving marketplace independence – an essential ingredient for growth. We look forward to supporting their efforts in the evolving cyber risk transfer market.”
Jon Soberg, (CEO, MS&AD Ventures Inc) noted that “MS&AD sees cyber as a key area of focus as cyber is a global risk which impacts trillions of dollars of insured assets already through both affirmative and silent cyber attacks, exacerbated by the interconnected world we live in.”
Jon continued “We believe that AkinovA’s electronic marketplace on which digital contracts will be placed and traded is needed to offer clients, brokers and capital markets solutions to mitigate their cyber risks. AkinovA’s strong push to work in concert with the industry, brokers and capital markets will deliver compelling growth for all.”
About The Hiscox Group
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Their ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. They believe that building balance between catastrophe-exposed business and less volatile local specialty business gives them opportunities for profitable growth throughout the insurance cycle.
The Hiscox Group employs over 2,700 people in 14 countries and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the US, they offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS.
Their values define their business, with a focus on people, quality, courage and excellence in execution. They pride themselves on being true to their word and their award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com.
About MS&AD Insurance Group
MS&AD Insurance Group Holdings, Inc. is a leading global insurance organisation, engaging in the management of its group companies which are Mitsui Sumitomo Insurance Co., Ltd., Aioi Nissay Dowa Insurance Co., Ltd. and others. Their mission is to contribute to the development of a vibrant society and help secure a sound future for the planet. MS&AD Insurance Group enables safety and peace of mind through the world-leading insurance and financial services business to customers in 47 countries and jurisdictions. For a sustainable and resilient society, MS&AD Insurance Group commits to build on creating shared value with stakeholders. For more information, visit www.ms-ad-hd.com.
About MS&AD Ventures Inc.
MS&AD Ventures is a corporate venture capital firm set up by MS&AD Insurance Group. MS&AD Ventures invests in innovative companies around the world that help fulfil MS&AD’s mission to build a sustainable future. MS&AD partners with Group companies to develop unique products and services utilising both the Group’s own strengths and innovative business models and technologies from startups in MS&AD Ventures portfolio. For more information, visit https://msad.vc.
If you would like to find out more about AkinovA or how you can get involved, please contact: info@AkinovA.com